Having been around for more than 150 years, NAB knows a thing or two about money. Today, as of Australia’s largest banks, NAB has 35,000 people serving 10 million customers at more than 800 locations in Australia, New Zealand and around the world.
If you’re one of those 10 million customers and are looking to take out a car loan, you may have already considered NAB as your lender of choice. Even if you don’t bank with NAB, you may still consider its loans, as you know the name and understand the brand.
So, is NAB the lender for you?
There are plenty of good reasons to choose a big bank as your lender. There’s that lovely sense of security that comes from dealing with a brand you have known your entire life. There’s also a good chance that a big bank will have a few different loan options for you to choose from.
But, it’s also worth bearing in mind that the big banks usually only compete with each other. They may not compete with the little guys, because they just don’t need to. Which is why it’s always best to check out the options, do some sums and work out which lender offers the best option for you.
To see if that option is NAB, let’s take a look at what’s on offer in the way of NAB car loans.
NAB Car Loans
In terms of car loans, NAB offers two types of personal loans that can be used to buy your next vehicle. Whether it’s your first car, whether it’s an upgrade, or even if you’re adding to your garage as your family expands, NAB may have the car loan that can make that happen.
Fixed Rate vs. Variable Rate
The main difference between the two NAB car loans is the type of interest on offer. There is a fixed rate loan option and a variable rate loan option. What’s the difference exactly – and why would you choose one over the other?
With a fixed rate car loan, you will pay a fixed rate of interest over the life of the loan. This has two main advantages. First up, it makes budgeting easier. Your repayment will always be the same, so you will know exactly how much to budget for each month.
Second, there is the peace of mind that even if interest rates rise, your rate of interest will remain the same. However, on the flip-side, if interest rates fall, you will not see the benefit of lower repayments on your loan.
So, what about the other features on offer?
Quick Access to Money
Want your money fast? If you’re a NAB customer and apply in-store by 2pm, you could get the money on the loan the very same day. If you are approved, the money could be in your NAB account within two hours.
Customisable Options
With a NAB car loan, you could borrow $5,000 to $55,000, depending on your circumstances, with loan terms ranging from one to seven years. You can also choose to make your repayments weekly, fortnightly or monthly to suit your budget.
If you want to pay off your loan early, or pay lump sum repayments throughout the loan term, you can do that without facing any additional fees. And, if you have a variable rate loan, you can redraw on extra payments you’ve made at any time.
Conditional Approval
If you’ve not found exactly the right car, but you know you’re in the market to buy, you could choose to get conditional approval on a loan in advance.
With upfront conditional approval that lasts up to three months, you can snap up that perfect car when you find it, knowing that you have your car finance already in order. It may also allow you to negotiate a better deal, knowing that you have your finances sorted before you start talking numbers.
Taking Fees into Account
When it comes to car loans, the interest you pay isn’t the only factor you should be assessing. To find out the full cost of the loan, be sure to look at the fees you will pay as well.
With the NAB fixed rate and variable rate personal loans for a car, there is an application fee and a monthly loan service fee to be aware of. Also take note of the default fee, and try to avoid all unnecessary fees whenever possible.
Time to compare options? Check out NAB car loans against other lenders using Car Loan World, making use of a car loan calculator to find the best deal that works for you.